Btw, did you guys know about this new BNM ruling whereby if you are not a full pay master of your credit card for the past 12 months, beginning from June/July, all your transactions would be charged finance charges (17% p.a.) the moment you swipe. It means irregardless what you buy be it petrol or PC parts, it will have finance charges starting on the transaction date itself.

I have no idea why on earth the government is doing all these. The current situation is terrible enough yet they implement this rule to kill us further. I'm sure more than 50% card users do not settle full amount every month so the banks now earn extra 1.41% all of a sudden every month. If you swipe for handphone, etc then they charge you extra 2-3%. This is pathetic!!!

I know it's an old news because I receive the brochure some time back but it's going to be implemented in the next few days (at least for Citibank). The government couldn't stop making stupid decisions.

I know, I have both Maybank and HSBC but they distribute together with the statement this year (not last year).

I totally mis-read the part about "Interest Free" period - didn't know it depends on our past 12 months payment also. I mean if I'm not a full pay master and still 18% per annum and doesn't change then I won't give a heck but now, it's finance charges since day one. Thanks BN and BNM, you are really the "Barang Naik" of Malaysia.

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Added on May 27, 2008, 12:30 amWe don't get a say nor decide on the restriction and troubles. Someone from BNM and BN did it for us
Saying is easier than done. Of course if I can pay everything then I wouldn't even need a credit card in the first place or I'll just get AMEX or any other charge cards. Plus, we need to be full pay master for the next 12 months to re-enjoy the interest free period. It's such a dumb move especially when I'm using the card for the past 5-6 years but if someone apply a new one, he/she gets the interest free period for as long as they make full payment.

This post has been edited by clawhammer: May 27 2008, 12:30 AM

When you change cards, there's a cooling off period. You cannot just cancel and re-apply.

It's good that the bank doesn't earn a single cent from you but reality is, not everyone is so rich Many people buy things with easy payment, installment scheme, etc. There are more poor/average people than the rich around.

BNM uses this as a good excuse to say they are trying to save us. It's just like how BN says increasing the price of ciggarette trying to cut down smoking but the fact is, does it really help?

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Added on May 27, 2008, 12:41 amI think he deposit cash into the card so there would be no charges since the bank owes him money instead of him owing the bank.

This post has been edited by clawhammer: May 27 2008, 12:41 AM

I didn't make minimum but I don't make full payment - that's the problem It's alright, the solution now is to get a new card and cancel what I have for years.

If you want to be a politician and want votes, saying these are potentially disastrous. You sometimes have to see conditions of other people and just because we are in the financial position to do so, it doesn't mean other people are the same. Everyone wants to have a good living, not just you and me and many people tried their best but sometimes they still can't Someone earning RM1,500 might want to get a furniture for his house but can't afford or get a PC for his kids but need an installment. It's always a case by case basis. I always feel thankful that I am given a good source of income but I feel sorry for those that doesn't. The world is never equal so I often put myself in other's shoe

California state is a good example on how they curb and discourages smoking. Although dollar to dollar a pack of ciggarette there isn't very expensive compared to here but they make use of the money to do proper awareness, etc. Over here they are just making excuse to jack up price of things.

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Added on May 27, 2008, 12:59 amIt's not only my problem but many other people's problem. It doesn't mean when it's not your problem, the other 70% Malaysian population have no problems

This post has been edited by clawhammer: May 27 2008, 12:59 AM

I don't owe them hell lot of money but I just don't settle fully Yes, I guess that's the only option for now.

I have to agree that Malaysians are sometimes hard to learn but doesn't mean BNM and BN can just implement all these rules killing me and the rest of the people further. Well, at least now I know there are many rich forummers around

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Added on May 27, 2008, 1:14 amThe economy is not good, when everyone stops spending the market goes slower and businesses starts to close down. Remember one time Mahathir ask us to spend more after the 1998 crisis? I'm just trying to help the country (while giving myself excuse to spend more)

This post has been edited by clawhammer: May 27 2008, 01:14 AM

If we're not affected, most of the things sure "OK". If government tell us LDP will increase by 200% 12 months in advance, everyone will still be upset

I have to wait for more people that are affected by this new rule to share their comments so I know someone is with me At this point in time, too many rich people around

Relax, I'm just giving an example and before LDP increased 60%, no one ever thought it'll go that much either Remember - Malaysia BOLEH!
I mean I do agree all of you are careful with your expenditure but by doing all these, it only makes the poor even poorer. It wouldn't help If the intention is to help, there's something else that can be done.

This post has been edited by clawhammer: May 27 2008, 01:28 AM

Ok, what's the difference between Visa and Mastercard

Citibank gives selected customers 0% for 3 months. If you want a year long programme, get an Affin Bank card

I think it's fine since it's 0% anyway It's just spreading your installment throughout a longer period without having to pay anything extra - no harm on doing that.

Trust me, there are more people owing the bank than those that doesn't It's a common problem even in countries like the UK.

b00n, I think you have to find out more before concluding and the balance transfer calculation is different from one bank to other so your calculation is not correct for all cases. Some examples below:

Citibank
- Your balance transfer amount will be part of your credit limit and if you make purchases on the current month and when payment is made, it will first offset your finance charges/fees, balance transfer outstanding then purchases

HSBC
- Everything the same as Citibank BUT it will offset your finance charges/fees, purchases then only balance transfer outstanding (which makes more sense)

Hong Leong/Maybank, etc
- They open up a new "Balance Transfer" account within your credit card and you are subjected to pay a minimum amount based on the outstanding. Whether you make purchases or not, it has no correlation here.

As for the 0% interest balance transfer, your statement is also not true because in the case of Citibank, it is ZERO charges and no early settlement but for certain banks, they might. Hence as I've mentioned, it is all case by case basis and depending on the bank

I'm also working in a bank, I own credit cards and I make IT systems for the bank Do you think I can be wrong on the business rules part? Apart from that, I use balance transfer services as well. I was talking about the main 3 types of expenditure, not inclusive of easy payment scheme. Even if it does, it varies from bank to bank and there is no doubts about it.

In order to clarify, why not you call the customer care number of HSBC and other banks then let me know. Alternatively, you can browse through the terms and conditions in their website to have a thorough understanding. Do you think I could be wrong when I've used the services before?

As for your example of the "Cash Advance", it doesn't matter which one it offsets first because the finance charges for "Cash Advance" is calculated on the day of the transaction itself.

If you have RM1,000 outstanding today and lets say you take RM1,000 cash advance, the interest will be based on 1.5% per annum of RM2,000 from today onwards. As such, why would it matter if you pay RM1,000 to offset your retail or cash advance?

RM2000 - RM1000 Cash Advance = RM1000 + 1.5%
RM2000 - RM1000 Retail = RM1000 + 1.5%

It's the same thing

Citibank starts 1st June 2008 confirmed

It's true, she has a few Platinum cards and I can't compete at all